St. Pete-based manufacturing giant Jabil Inc. (NYSE: JBL) reported that in this fourth quarter, it has reached $7.4 billion in net revenue. The company also provided a glimpse behind the curtain of financial projections for 2022.
During an investors’ call on Wednesday, Jabil executives said the net income was $1.16 per share. Earnings, adjusted for stock option expense and non-recurring costs, were $1.44 per share, according to results from the fourth quarter of the fiscal year, which ended in August.
The firm’s net revenue for the entire fiscal year is $29.3 billion.
“Revenue came in strikingly lower than expected due to some incremental tightness in the supply chain, mainly in health care, industrial …,” said Mike Dastoor, Jabil’s CFO, regarding the fourth-quarter results. He stated Jabil’s other diverse business lines such as connected devices helped offset the loss as well as its strong margins.
“In a year where global supply chains were challenged, the results came in far ahead of our initial expectations for the year. The year was illustrative of both the power of our talented workforce and the adaptability of our large-scale diversified model, which serves such a broad range of end-markets today,” said CEO Mark Mondello.
Today, Jabil has over 260,000 employees across 100 locations in 30 countries. As the company looks ahead into 2022, it plans to continue its work with major clients such as Amazon, Tesla, Apple, and Johnson and Johnson, executives stated during the call.
Jabil projects that in the first quarter of 2022, earnings will be $1.41 to $1.61 per share, and core earnings in a range of $1.70 to $1.90 per share. The net revenue is projected to range between $8 billion and $8.6 billion.
Other Q1 2022 outlooks:
• U.S. GAAP operating income: $321 million to $381 million
• Diversified Manufacturing Services revenue: Increase of 10% year-over-year
• Total company revenue: Increase of 5% year-over-year
Jabil executives stated that they will be taking advantage of the rise of electric vehicles, more advancements in automation and energy-saving technologies.
“Jabil is incredibly well-positioned to benefit from secular growth we’re experiencing across vehicle electrification, connected healthcare and infrastructure development, to name a few,” Dastoor said.